Escrow - Type of bank account held by a 3rd party, typically a title company

Title Company - Insurance company that insures the properties title against any liens or encumbrances (First American, Old Republic, Stewart)

Contingency (Loan, Physical, Appraisal, etc.) - Offer is made, contingent on certain contractual terms or time periods.   Contingencies are ‘REMOVED’ or ‘EXTENDED’. Once all contingencies are removed, buyer cannot breach contract without risking liquidated damages

Seller Multiple Counter Offer (SMCO) - A counter offer written to more than one buyer. Does not assume that all Counter Offers are the same

Loan to Value Ratio (LTV) - Loan amount vs. value of home (usually 80/20)

Debt to Income Ratio (DTI) - Amount of Personal Income vs. Personal Debts

Lender Credit - Amount the lender pays borrower

Points - Cost to originate loan

Impound Account - Account that accrues property tax and insurance dues managed by lender and pay-out automatically

Lock Term - Length of guaranteed interest rate

Appraisal - Third party valuation of property that lender uses to establish loan amount and LTV

COE - Close of Escrow

RPA - Residential Purchase Agreement

TDS - Real Estate Transfer Disclosure Statement, a questionnaire filled out by the seller about the property